Re: Forex Fundamental Analysis & Forecast by RoboForex
CAD has strengthened. Overview for 06.06.2024
The Canadian dollar, paired with the US dollar, has strengthened. The current USDCAD exchange rate stands at 1.3678.
In the medium term, the pair remains within a wide sideways channel.
Yesterday, the Bank of Canada reduced the interest rate for the first time in four years to 4.75% per annum from the previous 5.00%. The regulator cited the progress achieved in its battle against inflation as an argument for this decision. According to the Bank of Canada’s press release, the core Consumer Price Index is declining, providing a reason to abandon restrictive monetary policy.
At least four inflation components improved significantly, including core inflation, the core price index with its median and average values, and the 3-month moving average.
Some CPI components rose by over 3%, close to a historical average value.
Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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The RoboForex Team